課程《財務(wù)管理基礎(chǔ)》英文課件ch02

Chapter2TheBusiness,Tax,andFinancialEnvironments?PearsonEducationLimited2004FundamentalsofFinancialManagement,12/eCreatedby:GregoryA.Kuhlemeyer,Ph.D.CarrollCollege,Waukesha,WI杰醛狐要崖冀灤囂柒滬蕾畏鷹頭臂籍溯陛忿札聽籃樣癸陪袋廉叉衣范冠駁精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionChapter2TheBusiness,Tax,anAfterstudyingChapter2,youshouldbeableto:DescribethefourbasicformsofbusinessorganizationintheUnitedStates--andtheadvantagesanddisadvantagesofeach.Understandhowtocalculateacorporation'staxableincomeandhowtodeterminethecorporatetaxrate-bothaverageandmarginal.Understandvariousmethodsofdepreciation.Understandwhyacquiringassetsthroughtheuseofdebtfinancingoffersataxadvantageoverbothcommonandpreferredstockfinancing.Describethepurposeandmakeupoffinancialmarkets.Demonstrateanunderstandingofhowletterratingsofthemajorratingagencieshelpyoutojudgeasecurity’sdefaultrisk.Understandwhatismeantbytheterm“termstructureofinterestrates”andrelateittoa“yieldcurve.”膊深茂析霞廄肺利絮絲睦逃羌物籮為圓皋計酒植樊陷排侄攬早啼茅共虧漏精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionAfterstudyingChapter2,youTheBusiness,Tax,andFinancialEnvironmentsTheBusinessEnvironmentTheTaxEnvironmentTheFinancialEnvironment毆謾虹汕偶究嫡網(wǎng)湍傭簧侗孟兜棟埃桐扔隊創(chuàng)渠羨灸氣驕痢倍歇晨砰巧耗精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusiness,Tax,andFinanciTheBusinessEnvironmentSoleProprietorshipsPartnerships(generalandlimited)CorporationsLimitedliabilitycompaniesTheU.S.hasfourbasicformsofbusinessorganization:渙釬盞系亨苫稍溪苑羽威孜謊罵傲莎頹劍涎賺哦文怯掠娜牙徘杉鯨先晰個精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentSolePTheBusinessEnvironmentOldestformofbusinessorganization.Businessincomeisaccountedforonyourpersonal

incometaxform.SoleProprietorship

--Abusinessformforwhichthereisoneowner.Thissingleownerhasunlimitedliabilityforalldebtsofthefirm.蔽哦擱計圭枷冠真讒甲募壤違殊橢局梆僵岸肩呈疇朝辯釘攫售黎映爐篡樞精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentOldestSummaryfor

SoleProprietorshipAdvantagesSimplicityLowsetupcostQuicksetupSingletaxfilingonindividualformDisadvantagesUnlimitedliabilityHardtoraiseadditionalcapitalTransferofownershipdifficulties跨悶伙惋竊忙諷冠鎊陪稈云林胳偉釋先懶宿戮家邯盜僻竹恫鋤買穴咒慎橙精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryfor

SoleProprietorTheBusinessEnvironmentBusinessincomeisaccountedforoneachpartner’spersonal

incometaxform.Partnership--Abusinessforminwhichtwoormoreindividualsactasowners.印宏栗章碌酷喉躬愛氧巴匡鐘呢嚏似令腑碴失噪萬崎娶瘍掏膊郎仁畜苛殊精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentBusineTypesofPartnershipsLimitedPartnership

--limitedpartnershaveliabilitylimitedtotheircapitalcontribution(investorsonly).Atleastonegeneralpartnerisrequiredandallgeneralpartnershaveunlimitedliability.GeneralPartnership

--allpartnershaveunlimitedliabilityandareliableforallobligationsofthepartnership.毗故全倍藐狀鴕撼障勿鋇脊貍能珠俗丹街虐冷淹諄覆拴粉拄慶刪她邦瞧轟精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTypesofPartnershipsLimitedPSummaryforPartnershipAdvantagesCanbesimpleLowsetupcost,higherthansoleproprietorshipRelativelyquicksetupLimitedliabilityforlimitedpartnersDisadvantagesUnlimitedliabilityforthegeneralpartnerDifficulttoraiseadditionalcapital,buteasierthansoleproprietorshipTransferofownershipdifficulties雌熾封疏長爸梗捕橙呂須拙竣釉地瞪腹縫待油植性熄侈噪桶征詠犁急鞋認精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryforPartnershipAdvantaTheBusinessEnvironmentAnartificialentitythatcanownassetsandincurliabilities.Businessincomeisaccountedforontheincometaxformofthecorporation.Corporation--Abusinessformlegallyseparatefromitsowners.載軍迅椽獰寇咨啪輾嚷飲沒爵纜叔曙憑沙酞羞受甥毆賤浮拐墓生敞鰓議嶺精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentAnartSummaryforCorporationAdvantagesLimitedliabilityEasytransferofownershipUnlimitedlifeEasiertoraiselargequantitiesofcapitalDisadvantagesDoubletaxationMoredifficulttoestablishMoreexpensivetosetupandmaintain莢側(cè)新秋龍碩家瞳撲多毛驕酸恥尿絮葛省奮雕榔翟魄芍較科辱汲哥賺蝴秸精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryforCorporationAdvantaTheBusinessEnvironmentBusinessincomeisaccountedforoneach“member’s”individualincometaxform.LimitedLiabilityCompanies

--Abusinessformthatprovidesitsowners(called“members”)withcorporate-stylelimitedpersonalliabilityandthefederal-taxtreatmentofapartnership.惦巴益曾澆邯株禿慘肌萌皇磐鮮繩鞘滄貍刊特鞘簿貿(mào)干板插世層淖掌滯豢精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentBusineLimitedLiabilityCompany(LLC)LimitedliabilityCentralizedmanagementUnlimitedlifeTransferofownershipwithoutotherowners’priorconsentGenerally,anLLCwillpossessonlythefirsttwoofthefollowingfourstandardcorporationcharacteristics填逼菌吁袖昆軍至郝麗鎮(zhèn)襄匿喉菇色墊冗俄撥野贈寓居茸地才匡本虞甩恃精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionLimitedLiabilityCompany(LLCSummaryforLLCAdvantagesLimitedliabilityEliminatesdoubletaxationNorestrictiononnumberortypeofownersEasiertoraiseadditionalcapitalDisadvantagesLimitedlife(generally)Transferofownershipdifficulties(generally)塵在炯飛幻茶逐形懼份頂茶介紳隕儈門屹寸防褲堅捷映們機遙兢寒賀柿鳥精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryforLLCAdvantagesDisadCorporateIncomeTaxes贅褐狀沮乞顧兔零由窖等仗憋軍米師桿抬烤富編俊霄惑陶潭座陶屆暖移迭精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCorporateIncomeTaxes贅褐狀沮乞顧兔零IncomeTaxExampleLisaMillerofBasketWonders(BW)iscalculatingthe

incometaxliability,marginaltaxrate,

and

averagetaxrateforthefiscalyearendingDecember31.BW’scorporatetaxableincomeforthisfiscalyearwas$250,000.凡夠拭階甫猛兵虱磐瑚沂泊彤妥夕累湃匈盛噶弓謗姆徘蹬繞蕩寸丹乓社席精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionIncomeTaxExampleLisaMillerIncomeTaxExampleMarginaltaxrate

=39%Averagetaxrate

=$80,750

/$250,000 =32.3%Incometaxliability

=$22,250+.39x($250,000-$100,000)=$22,250+$58,500 =$80,750神遮揣醚忽隨連絳壤療粒美雞論冕濤金駕薦滬冤搗拿肌劍約寂騰控姬邱弊精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionIncomeTaxExampleMarginaltaxDepreciationGenerally,profitablefirmsprefertouseanacceleratedmethodfortaxreportingpurposes.Depreciationrepresentsthesystematicallocationofthecostofacapitalassetoveraperiodoftimeforfinancialreportingpurposes,taxpurposes,orboth.反孔笑糕迸寐癰樣屯凰穩(wěn)符碘恒鵲婁艙苯宙坊械忽月汰溫江曝需鄙連舷愁精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionDepreciationGenerally,profitaCommonTypesofDepreciation

Straight-line(SL)

AcceleratedTypesDoubleDecliningBalance(DDB)ModifiedAcceleratedCostRecoverySystem(MACRS)丈煥稈筑虎稍逗碴篆嶄涌錳位揮滬每瞪資材輾坷顏止晴窟遞棚遮診趨故潭精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCommonTypesofDepreciationDepreciationExampleLisaMillerofBasketWonders(BW)iscalculatingthedepreciationonamachinewithadepreciablebasisof$100,000,

a6-yearusefullife,anda5-yearpropertyclasslife.ShecalculatestheannualdepreciationchargesusingMACRS.[Note–ignore“bonus”depreciationdiscussedin2-25]募梨回唾搞藝螟孟艘盾責(zé)霞妹諾稀謗融邊瘍碼趙溜幟礎(chǔ)僵逛花監(jiān)沫鍋殘洗精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionDepreciationExampleLisaMilleMACRSExampleAssetsaredepreciatedbasedononeofeightdifferentpropertyclasses.Generally,thehalf-yearconventionisused.DepreciationinanyparticularyearisthemaximumofDDBorstraight-line.AswitchindepreciationmethodsismadefromDDBtoSLduringthelifeoftheasset.眺鎮(zhèn)灶曙裁寺歷極掛魚匣視宦躲扔蛻味單糧囪療慎葵赫協(xié)擻嫂寥號圃戍褂精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionMACRSExampleAssetsaredeprecMACRSExample曬缺泄漱爛耗社獨池油掖線袖夕蘇嚴東畫京駝籮垂嘯閑茍簍茶巳饅驚綸撿精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionMACRSExample曬缺泄漱爛耗社獨池油掖線袖夕蘇嚴東MACRSSchedule砰敢攏座牙氨秤諺棧興磋燎硫噬梯仇靖庭壓駁核逛渦進弛侗像舞檢池菊淮精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionMACRSSchedule砰敢攏座牙氨秤諺棧興磋燎硫噬梯仇JobsandGrowthTaxReliefReconciliationActof2003Increase&ExtensionofBonusDepreciation

Increasesalimitedandadditionaltemporarydepreciationdeductionof50%inthefirstyear--subjecttostipulations.Designedtoenhancecapitalinvestmentbybusinesses.汞巷想鍺官篙佩束沛將脈慚命停短意罰侖滔導(dǎo)訟粘詩關(guān)動臂副屠椿巾蟬瞄精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionJobsandGrowthTaxReliefRecJobsandGrowthTaxReliefReconciliationActof2003Increase&ExtensionofBonusDepreciation

Example:$200,000machineunder5-yearMACRSpropertyclass.Bonus=50%of$200K=$100K.Remaining$100K($200K-$100Kbonus)at20%ratebasedonMACRSis$20K.Resultis$120K($100K+$20K)depreciationchargeinthefirstyear.Settoexpiresoon,sowillignoreinsubsequentproblems(note–ignoredinslide2-20)托灤害弗去嚨竹夷彤堯婪謾畫萌稻龜氨爐懾僵政鞍烷靖聾櫥蔽拘巴脯齊曰精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionJobsandGrowthTaxReliefRecOtherTaxIssuesQuarterlyTaxPayments

requirecorporationstopay25%oftheirestimatedannualtaxliabilityonthe15thofApril,June,September,andDecember.AlternativeMinimumTax

isaspecialtaxwhichequals20%ofalternativeminimumtaxableincome(generallynotequaltotaxableincome).CorporationspaythemaximumofAMTorregulartaxliability.修蛛棱廷噓橙婦貉畏妝咕脫喧當(dāng)某漠沖僵現(xiàn)焰恭掣盔燴搞究繡斃運咨普內(nèi)精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionOtherTaxIssuesQuarterlyTaxInterestDeductibilityInterestExpense

istheinterestpaidonoutstandingdebtandistaxdeductible.CashDividend

isthecashdistributionofearningstoshareholdersandisnotataxdeductibleexpense.Theafter-taxcostofdebtis: (InterestExpense)X(1-TaxRate)Thus,debtfinancinghasataxadvantage!葫較職壇抗直趕呆適蛛殉矯損仿橋憤莆咨入庭樁趙悟磺緝犀卿圍軀鞋置取精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionInterestDeductibilityInterestHandlingCorporateLossesandGainsLossesaregenerallycarriedbackfirstandthenforwardstartingwiththeearliestyearwithoperatinggains.Corporationsthatsustainanetoperatinglosscancarrythatlossback(Carryback)2yearsandforward(Carryforward)20yearstooffsetoperatinggainsinthoseyears.郴儒倪或迢鑲弘瓊臍斃圈拆眺肄字恥砒攣赫愚緒淚鴛徐峻撇姜愧戈柏雄營精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionHandlingCorporateLossesandCorporateLossesandGainsExampleLisaMillerisexaminingtheimpactofanoperatinglossatBasketWonders(BW)in2003.Thefollowingtimelineshowsoperatingincomeandlosses.Whatimpactdoesthe2007losshaveonBW?-$500,000

$100,000

$150,000$150,0002007200620052004尋悼將掐用肅贍暫處積濱際潘和漚巡本溢瘴鹿磷畸冷撅夷苗僅讒意象穴臨精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCorporateLossesandGainsExaCorporateLossesandGainsExampleThelosscanoffsetthegainineachoftheyears2005and2006.Theremaining$250,000canbecarriedforwardto2008orbeyond.Impact:Taxrefundforfederaltaxespaidin2005and2006.-$500,000

$100,000

$150,000$150,0002007200620052004-$150,000-$100,000$250,000$150,00000-$250,000南世謀疼牽潘壤表采缺歇椰郭傭素纜滇流菠堅蜀毒沮家數(shù)釁潞先梢匙晃政精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCorporateLossesandGainsExaCorporateCapitalGains/LossesOftenhistorically,capitalgainsincomehasreceivedmorefavorableU.S.taxtreatmentthanoperatingincome.Generally,thesaleofa“capitalasset”(asdefinedbytheIRS)generatesacapitalgain(assetsellsformorethanoriginalcost)orcapitalloss(assetsellsforlessthanoriginalcost).炔檻熒亭殆您沼誣擅沏息域寓揮斟辣氈吮寂燒歸灰晤錨咸主盞肛凰綁汛撐精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCorporateCapitalGains/LossCorporateCapitalGains/LossesCapitallossesaredeductibleonlyagainstcapitalgains.Currently,capitalgainsaretaxedatordinaryincometaxratesforcorporations,oramaximum35%.爬辯炎椒威壟兔川謀撾撾廣肢羽劇亭唆灼湘撼典輻統(tǒng)銀靳巨臨去晨湘宋獄精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCorporateCapitalGains/LossPersonalIncomeTaxesTheU.S.hasaprogressivetaxstructurewithfourtaxbracketsof10%,15%,25%,28%,33%,

and35%.Personalincometaxesaredeterminedbytaxableincome,filingstatus,andvariouscredits.Resultisthatlowincomeindividualspaynofederaltaxandothersmayfluctuatebetweenthemarginalrates.菏金距魂災(zāi)睛瘓珠胡納括遷葫酵忠霓汛式搖七手腕拐侮盡苗咨遣迅巧屆釁精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionPersonalIncomeTaxesTheU.S.FinancialEnvironmentBusinessesinteractcontinuallywiththefinancialmarkets.FinancialMarkets

arecomposedofallinstitutionsandproceduresforbringingbuyersandsellersoffinancialinstrumentstogether.Thepurposeoffinancialmarketsistoefficientlyallocatesavingstoultimateusers.層俯賒愿匡晤戒唁吩代辯逝晌論連撿瘟幸竭點扯井綏循禮閨蓑揪鱉爐芳泄精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionFinancialEnvironmentBusinesseFlowofFunds intheEconomyINVESTMENTSECTORFINANCIALINTERMEDIARIESSAVINGSSECTORFINANCIALBROKERSSECONDARYMARKET嚙猖泳墾狼異懇挑煽鋼右遏淄醚羹捻擴砷蜀龔緬亢霸孕湊捏補魁筒捌羊既精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionFlowofFunds intheEconomyFlowofFunds intheEconomyFINANCIALINTERMEDIARIESSAVINGSSECTORFINANCIALBROKERSSECONDARYMARKETINVESTMENTSECTORBusinessesGovernmentHouseholdsINVESTMENTSECTOR豫烤曾戈抄鈔吊郵驅(qū)哭密童梯畢揚痕嚨軍頓炔藉囂斗繹賈橡螺蘸幾裙渝嶄精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionFlowofFunds intheEconomyFlowofFunds intheEconomyFINANCIALINTERMEDIARIESSAVINGSSECTORFINANCIALBROKERSSECONDARYMARKETSAVINGSSECTORHouseholdsBusinessesGovernmentINVESTMENTSECTOR猶貪碰箕敬兼鴦資洗坊逼店豹述卓慧嫌層尼計混煤匠佬寒籮呸竿踐瞪鼓祝精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionFlowofFunds intheEconomyFlowofFunds intheEconomyFINANCIALINTERMEDIARIESSAVINGSSECTORFINANCIALBROKERSSECONDARYMARKETFINANCIALBROKERSInvestmentBankersMortgageBankersINVESTMENTSECTOR臟戰(zhàn)禿齋噪錐陣溜拾神淤抄階孔膨釣興具公錫訪鄉(xiāng)庶剖媒唯彤督瓊莊用皮精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionFlowofFunds intheEconomyFlowofFunds intheEconomyFINANCIALINTERMEDIARIESSAVINGSSECTORFINANCIALBROKERSSECONDARYMARKETFINANCIALINTERMEDIARIESCommercialBanksSavingsInstitutionsInsuranceCos.PensionFundsFinanceCompaniesMutualFundsINVESTMENTSECTOR掃鐐拈欽擂恃欣旅冰撤揣哆雞成蒂籌戌簇濃藻檀栓冪酶節(jié)爹豢罩蚤短水漓精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionFlowofFunds intheEconomyFlowofFunds intheEconomyFINANCIALINTERMEDIARIESSAVINGSSECTORFINANCIALBROKERSSECONDARYMARKETSECONDARYMARKETSecurityExchangesOTCMarketINVESTMENTSECTOR祁抬貴漾奧孽咯憤祁騁爐莆杏碎蘊敝向呸漲疤習(xí)曾肖諷切域摻狡憾橫甫閉精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionFlowofFunds intheEconomyAllocationofFundsInarationalworld,thehighestexpectedreturnswillbeofferedonlybythoseeconomicunitswiththemostpromisinginvestmentopportunities.Result:Savingstendtobeallocatedtothemostefficientuses.Fundswillflowtoeconomicunitsthatarewillingtoprovidethegreatestexpectedreturn(holdingriskconstant).踐匆蒲桶熊徒管書掘菲瓢孽努庫獨哄疵閏轍恭五采擔(dān)遁莆嚼虞樁鏈茲丹巴精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionAllocationofFundsInarationRisk-ExpectedReturnProfileRISKEXPECTEDRETURN(%)U.S.TreasuryBills(risk-freesecurities)Prime-gradeCommercialPaperLong-termGovernmentBondsInvestment-gradeCorporateBondsMedium-gradeCorporateBondsPreferredStocksConservativeCommonStocksSpeculativeCommonStocks勁夫辦雁泉娠穿渦宙顛左鹽咎齡熟真特鉑呀如紹剃隘崩攣門恿率封謎粳鱉精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionRisk-ExpectedReturnProfileRIWhatInfluencesSecurityExpectedReturns?Marketabilityistheabilitytosellasignificantvolumeofsecuritiesinashortperiodoftimeinthesecondarymarketwithoutsignificantpriceconcession.DefaultRisk

isthefailuretomeetthetermsofacontract.遏蔥敗獸雌泵甫麓廓翰莢夷篡債笑啃囚痊庇堿揚合吉脯夠島蔭嫩辨科誦薛精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionWhatInfluencesSecurityExpecRatingsbyInvestmentAgenciesonDefaultRiskInvestmentgraderepresentsthetopfourcategories.Belowinvestmentgraderepresentsallothercategories.耙俠亮扼纖就幻玻款匝垣涉君辰餓稻壯碼剪屬春們盲潔拭膀強吊窯痔厚腆精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionRatingsbyInvestmentAgenciesWhatInfluencesExpectedSecurityReturns?Taxabilityconsiderstheexpectedtaxconsequencesofthesecurity.Maturity

isconcernedwiththelifeofthesecurity;theamountoftimebeforetheprincipalamountofasecuritybecomesdue.激莽雍絳擔(dān)壘煞估汕申院踢倉曰盞裙刨此蘋掀氏討匝很憲旭郭證柬熬救區(qū)精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionWhatInfluencesExpectedSecurTermStructureofInterestRatesAyieldcurveisagraphoftherelationshipbetweenyieldsandtermtomaturityforparticularsecurities.UpwardSlopingYieldCurveDownwardSlopingYieldCurve0246810YIELD(%)051015202530(Usual)(Unusual)YEARSTOMATURITY喇常惦溫榷登漂馱薊眉胯壁騷墊和狽躁蛾婪摸姨哈姓冒蔡皚占跑次咖剩朝精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTermStructureofInterestRatWhatInfluencesExpectedSecurityReturns?Inflation

isariseintheaveragelevelofpricesofgoodsandservices.Thegreaterinflationexpectations,thenthegreatertheexpectedreturn.EmbeddedOptions

providetheopportunitytochangespecificattributesofthesecurity.膚藐做撣銜柳扭惜屈遂蔓慧掛戍訝筋京緒測丟靳凰屹川絲冕炯碩求潘徊孤精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionWhatInfluencesExpectedSecurChapter2TheBusiness,Tax,andFinancialEnvironments?PearsonEducationLimited2004FundamentalsofFinancialManagement,12/eCreatedby:GregoryA.Kuhlemeyer,Ph.D.CarrollCollege,Waukesha,WI杰醛狐要崖冀灤囂柒滬蕾畏鷹頭臂籍溯陛忿札聽籃樣癸陪袋廉叉衣范冠駁精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionChapter2TheBusiness,Tax,anAfterstudyingChapter2,youshouldbeableto:DescribethefourbasicformsofbusinessorganizationintheUnitedStates--andtheadvantagesanddisadvantagesofeach.Understandhowtocalculateacorporation'staxableincomeandhowtodeterminethecorporatetaxrate-bothaverageandmarginal.Understandvariousmethodsofdepreciation.Understandwhyacquiringassetsthroughtheuseofdebtfinancingoffersataxadvantageoverbothcommonandpreferredstockfinancing.Describethepurposeandmakeupoffinancialmarkets.Demonstrateanunderstandingofhowletterratingsofthemajorratingagencieshelpyoutojudgeasecurity’sdefaultrisk.Understandwhatismeantbytheterm“termstructureofinterestrates”andrelateittoa“yieldcurve.”膊深茂析霞廄肺利絮絲睦逃羌物籮為圓皋計酒植樊陷排侄攬早啼茅共虧漏精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionAfterstudyingChapter2,youTheBusiness,Tax,andFinancialEnvironmentsTheBusinessEnvironmentTheTaxEnvironmentTheFinancialEnvironment毆謾虹汕偶究嫡網(wǎng)湍傭簧侗孟兜棟埃桐扔隊創(chuàng)渠羨灸氣驕痢倍歇晨砰巧耗精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusiness,Tax,andFinanciTheBusinessEnvironmentSoleProprietorshipsPartnerships(generalandlimited)CorporationsLimitedliabilitycompaniesTheU.S.hasfourbasicformsofbusinessorganization:渙釬盞系亨苫稍溪苑羽威孜謊罵傲莎頹劍涎賺哦文怯掠娜牙徘杉鯨先晰個精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentSolePTheBusinessEnvironmentOldestformofbusinessorganization.Businessincomeisaccountedforonyourpersonal

incometaxform.SoleProprietorship

--Abusinessformforwhichthereisoneowner.Thissingleownerhasunlimitedliabilityforalldebtsofthefirm.蔽哦擱計圭枷冠真讒甲募壤違殊橢局梆僵岸肩呈疇朝辯釘攫售黎映爐篡樞精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentOldestSummaryfor

SoleProprietorshipAdvantagesSimplicityLowsetupcostQuicksetupSingletaxfilingonindividualformDisadvantagesUnlimitedliabilityHardtoraiseadditionalcapitalTransferofownershipdifficulties跨悶伙惋竊忙諷冠鎊陪稈云林胳偉釋先懶宿戮家邯盜僻竹恫鋤買穴咒慎橙精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryfor

SoleProprietorTheBusinessEnvironmentBusinessincomeisaccountedforoneachpartner’spersonal

incometaxform.Partnership--Abusinessforminwhichtwoormoreindividualsactasowners.印宏栗章碌酷喉躬愛氧巴匡鐘呢嚏似令腑碴失噪萬崎娶瘍掏膊郎仁畜苛殊精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentBusineTypesofPartnershipsLimitedPartnership

--limitedpartnershaveliabilitylimitedtotheircapitalcontribution(investorsonly).Atleastonegeneralpartnerisrequiredandallgeneralpartnershaveunlimitedliability.GeneralPartnership

--allpartnershaveunlimitedliabilityandareliableforallobligationsofthepartnership.毗故全倍藐狀鴕撼障勿鋇脊貍能珠俗丹街虐冷淹諄覆拴粉拄慶刪她邦瞧轟精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTypesofPartnershipsLimitedPSummaryforPartnershipAdvantagesCanbesimpleLowsetupcost,higherthansoleproprietorshipRelativelyquicksetupLimitedliabilityforlimitedpartnersDisadvantagesUnlimitedliabilityforthegeneralpartnerDifficulttoraiseadditionalcapital,buteasierthansoleproprietorshipTransferofownershipdifficulties雌熾封疏長爸梗捕橙呂須拙竣釉地瞪腹縫待油植性熄侈噪桶征詠犁急鞋認精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryforPartnershipAdvantaTheBusinessEnvironmentAnartificialentitythatcanownassetsandincurliabilities.Businessincomeisaccountedforontheincometaxformofthecorporation.Corporation--Abusinessformlegallyseparatefromitsowners.載軍迅椽獰寇咨啪輾嚷飲沒爵纜叔曙憑沙酞羞受甥毆賤浮拐墓生敞鰓議嶺精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentAnartSummaryforCorporationAdvantagesLimitedliabilityEasytransferofownershipUnlimitedlifeEasiertoraiselargequantitiesofcapitalDisadvantagesDoubletaxationMoredifficulttoestablishMoreexpensivetosetupandmaintain莢側(cè)新秋龍碩家瞳撲多毛驕酸恥尿絮葛省奮雕榔翟魄芍較科辱汲哥賺蝴秸精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryforCorporationAdvantaTheBusinessEnvironmentBusinessincomeisaccountedforoneach“member’s”individualincometaxform.LimitedLiabilityCompanies

--Abusinessformthatprovidesitsowners(called“members”)withcorporate-stylelimitedpersonalliabilityandthefederal-taxtreatmentofapartnership.惦巴益曾澆邯株禿慘肌萌皇磐鮮繩鞘滄貍刊特鞘簿貿(mào)干板插世層淖掌滯豢精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionTheBusinessEnvironmentBusineLimitedLiabilityCompany(LLC)LimitedliabilityCentralizedmanagementUnlimitedlifeTransferofownershipwithoutotherowners’priorconsentGenerally,anLLCwillpossessonlythefirsttwoofthefollowingfourstandardcorporationcharacteristics填逼菌吁袖昆軍至郝麗鎮(zhèn)襄匿喉菇色墊冗俄撥野贈寓居茸地才匡本虞甩恃精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionLimitedLiabilityCompany(LLCSummaryforLLCAdvantagesLimitedliabilityEliminatesdoubletaxationNorestrictiononnumberortypeofownersEasiertoraiseadditionalcapitalDisadvantagesLimitedlife(generally)Transferofownershipdifficulties(generally)塵在炯飛幻茶逐形懼份頂茶介紳隕儈門屹寸防褲堅捷映們機遙兢寒賀柿鳥精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionSummaryforLLCAdvantagesDisadCorporateIncomeTaxes贅褐狀沮乞顧兔零由窖等仗憋軍米師桿抬烤富編俊霄惑陶潭座陶屆暖移迭精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCorporateIncomeTaxes贅褐狀沮乞顧兔零IncomeTaxExampleLisaMillerofBasketWonders(BW)iscalculatingthe

incometaxliability,marginaltaxrate,

and

averagetaxrateforthefiscalyearendingDecember31.BW’scorporatetaxableincomeforthisfiscalyearwas$250,000.凡夠拭階甫猛兵虱磐瑚沂泊彤妥夕累湃匈盛噶弓謗姆徘蹬繞蕩寸丹乓社席精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionIncomeTaxExampleLisaMillerIncomeTaxExampleMarginaltaxrate

=39%Averagetaxrate

=$80,750

/$250,000 =32.3%Incometaxliability

=$22,250+.39x($250,000-$100,000)=$22,250+$58,500 =$80,750神遮揣醚忽隨連絳壤療粒美雞論冕濤金駕薦滬冤搗拿肌劍約寂騰控姬邱弊精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionIncomeTaxExampleMarginaltaxDepreciationGenerally,profitablefirmsprefertouseanacceleratedmethodfortaxreportingpurposes.Depreciationrepresentsthesystematicallocationofthecostofacapitalassetoveraperiodoftimeforfinancialreportingpurposes,taxpurposes,orboth.反孔笑糕迸寐癰樣屯凰穩(wěn)符碘恒鵲婁艙苯宙坊械忽月汰溫江曝需鄙連舷愁精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionDepreciationGenerally,profitaCommonTypesofDepreciation

Straight-line(SL)

AcceleratedTypesDoubleDecliningBalance(DDB)ModifiedAcceleratedCostRecoverySystem(MACRS)丈煥稈筑虎稍逗碴篆嶄涌錳位揮滬每瞪資材輾坷顏止晴窟遞棚遮診趨故潭精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionCommonTypesofDepreciationDepreciationExampleLisaMillerofBasketWonders(BW)iscalculatingthedepreciationonamachinewithadepreciablebasisof$100,000,

a6-yearusefullife,anda5-yearpropertyclasslife.ShecalculatestheannualdepreciationchargesusingMACRS.[Note–ignore“bonus”depreciationdiscussedin2-25]募梨回唾搞藝螟孟艘盾責(zé)霞妹諾稀謗融邊瘍碼趙溜幟礎(chǔ)僵逛花監(jiān)沫鍋殘洗精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionDepreciationExampleLisaMilleMACRSExampleAssetsaredepreciatedbasedononeofeightdifferentpropertyclasses.Generally,thehalf-yearconventionisused.DepreciationinanyparticularyearisthemaximumofDDBorstraight-line.AswitchindepreciationmethodsismadefromDDBtoSLduringthelifeoftheasset.眺鎮(zhèn)灶曙裁寺歷極掛魚匣視宦躲扔蛻味單糧囪療慎葵赫協(xié)擻嫂寥號圃戍褂精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionMACRSExampleAssetsaredeprecMACRSExample曬缺泄漱爛耗社獨池油掖線袖夕蘇嚴東畫京駝籮垂嘯閑茍簍茶巳饅驚綸撿精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionMACRSExample曬缺泄漱爛耗社獨池油掖線袖夕蘇嚴東MACRSSchedule砰敢攏座牙氨秤諺棧興磋燎硫噬梯仇靖庭壓駁核逛渦進弛侗像舞檢池菊淮精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionMACRSSchedule砰敢攏座牙氨秤諺棧興磋燎硫噬梯仇JobsandGrowthTaxReliefReconciliationActof2003Increase&ExtensionofBonusDepreciation

Increasesalimitedandadditionaltemporarydepreciationdeductionof50%inthefirstyear--subjecttostipulations.Designedtoenhancecapitalinvestmentbybusinesses.汞巷想鍺官篙佩束沛將脈慚命停短意罰侖滔導(dǎo)訟粘詩關(guān)動臂副屠椿巾蟬瞄精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionJobsandGrowthTaxReliefRecJobsandGrowthTaxReliefReconciliationActof2003Increase&ExtensionofBonusDepreciation

Example:$200,000machineunder5-yearMACRSpropertyclass.Bonus=50%of$200K=$100K.Remaining$100K($200K-$100Kbonus)at20%ratebasedonMACRSis$20K.Resultis$120K($100K+$20K)depreciationchargeinthefirstyear.Settoexpiresoon,sowillignoreinsubsequentproblems(note–ignoredinslide2-20)托灤害弗去嚨竹夷彤堯婪謾畫萌稻龜氨爐懾僵政鞍烷靖聾櫥蔽拘巴脯齊曰精品課程《財務(wù)管理基礎(chǔ)》英文課件ch02VanHorne/WachowiczTenthEditionJobsandGrowthTaxReliefRecOtherTaxIssuesQuarterlyTaxPayments

requirecorporationstopay25%oftheirestimatedannualtaxliabilityonthe15thofApril,June,September,andDecember.AlternativeMinimumTax

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